Investment Rating - The report initiates coverage of Jentech with a Buy rating and sets a target price of TWD3,186. It also reiterates Buy ratings for AVC and Auras with target prices of TWD1,700 and TWD1,160 respectively [15][16][44]. Core Insights - The rapid development of AI performance upgrades is expected to revolutionize the liquid cooling industry, particularly with the introduction of microchannel lid (MCL) technology and potential new thermal interface materials (TIM) from late 2026 to 2028 [3][6]. - The thermal design power (TDP) of mainstream AI chips is projected to increase to approximately 2,000W by mid-2026, with expectations that chips will exceed 3,000W by 2027 [6][19]. - MCL is anticipated to be the most practical solution for cooling chips with TDPs over 3,000W, as it integrates a heat spreader with a cold plate to minimize thermal resistance [7][27]. - Current thermal component makers are expected to experience significant growth opportunities in the next two to three years, driven by the increasing adoption of liquid cooling solutions across various AI systems [14][39]. Summary by Sections Liquid Cooling Technology - Liquid cooling technology is evolving rapidly, with strong total addressable market (TAM) growth expected to benefit both existing and new players [6][19]. - The transition from air cooling to liquid cooling is becoming mainstream, particularly for AI GPUs, with full liquid cooling solutions anticipated to dominate by 2025 [6][19]. Microchannel Lid (MCL) Technology - MCL is viewed as a critical advancement for next-gen AI server architecture, offering compatibility with existing single-phase liquid cooling systems and a lower Z-height for higher-density designs [7][27]. - The adoption of MCL may face challenges, including design and manufacturing complexities, but its potential for earlier adoption compared to two-phase cooling solutions is noted [8][28]. Thermal Interface Materials (TIM) - The report discusses the potential shift to indium metal TIMs for high-performance chips, particularly as TDP levels rise and current graphite film TIMs face limitations [10][38]. - Optimized lids with highly thermal-conductive TIMs are expected to remain favored solutions for upcoming AI chips, with ongoing research into new materials like silicon carbide (SiC) [9][37]. Company Coverage - Jentech is positioned as a leading beneficiary of MCL technology due to its strong relationships with foundries and experience in heat spreader manufacturing [16][42]. - AVC and Auras are also highlighted for their potential growth as liquid cooling solutions become more prevalent in AI systems, with both companies maintaining Buy ratings [15][44].

Core Viewpoint - The article emphasizes the critical role of thermal management in various technological advancements, including AI, high-density data centers, electric vehicles, and consumer electronics, highlighting its importance as an "invisible core" that ensures product performance, safety, and reliability [2]. Group 1: Thermal Science - Thermal science serves as the theoretical foundation of the thermal management industry, focusing on cutting-edge heat transfer mechanisms and innovative theoretical research, expanding understanding of thermal management [4]. Group 2: Thermal Interface Materials - Thermal interface materials (TIM) are crucial for heat dissipation efficiency, with emerging materials like liquid metals, diamond heat sinks, and graphene thermal pads providing solutions for various applications [6]. Group 3: Chip Thermal Management - Chip thermal management is essential due to the rise of AI computing and high-density chip packaging, with the conference focusing on advanced cooling technologies and new material applications to enhance performance and reliability [9]. Group 4: Liquid Cooling Technology - Liquid cooling technology is becoming a key solution for high-density data centers and power devices, covering various advanced techniques and emphasizing the importance of coolant selection and system stability [11]. Group 5: Battery Thermal Management - Battery thermal management is critical for safety and performance in electric vehicles and energy storage systems, exploring methods for efficient heat dissipation under extreme thermal loads [13]. Group 6: Consumer Electronics Thermal Management - Consumer electronics thermal management is vital for user experience and device reliability, focusing on innovative cooling solutions and materials to achieve efficient heat transfer in compact designs [15]. Summary - The sixth Thermal Management Industry Conference and Expo presents a comprehensive view of the industry, showcasing the latest research, material innovations, and practical applications across six thematic areas, fostering collaboration and innovation within the industry [17].

Core Insights - Modine Manufacturing Company (NYSE:MOD) is recognized as one of the 12 stocks with consistent growth potential for investment [1] - The company reported a 3% year-over-year increase in net sales for Q1 2026, reaching $682.8 million, with an EPS of $1.06, exceeding analyst expectations [2] - The growth was primarily driven by a 15% increase in sales of data center cooling solutions [2] - Following the positive quarterly results, analysts raised the price target for Modine, with KeyBanc increasing it from $150 to $160 while maintaining an Overweight rating [3] - The President of Climate Solutions, Eric S McGinnis, sold 25,932 shares valued at $3,650,753 shortly after the earnings report [3] - Modine has demonstrated a strong 10-year performance with a total return of 1497.58%, indicating a solid and durable business model [4] - Founded in 1916 and headquartered in Wisconsin, Modine specializes in thermal management systems, including heat transfer products for vehicles, data center cooling, and HVAC systems [5]

Core Insights - Modine has appointed Jeremy Patten as President of the Performance Technologies segment, responsible for leading product groups that provide heat exchangers and cooling modules for various markets [1][2] - The CEO of Modine, Neil D. Brinker, expressed confidence in Patten's ability to streamline operations and drive margin targets due to his extensive industrial leadership experience [2] Company Overview - Modine has over 100 years of experience in thermal management technology, focusing on engineering solutions for mission-critical applications [3] - The company aims to create a cleaner and healthier world by evolving its technology portfolio to improve air quality, reduce energy and water consumption, and lower harmful emissions [3] - Modine operates globally with a workforce of more than 11,000 employees across North America, South America, Europe, and Asia [3]

Core Viewpoint - Chongqing Yingfan Technology Co., Ltd. successfully listed on the National Equities Exchange and Quotations (NEEQ) on September 15, 2025, marking a significant milestone in its capital market journey [2]. Group 1: Company Overview - Established in 2017, Yingfan Technology specializes in the research, production, and sales of thermal management modules and components, with products widely used in consumer electronics, servers, and high-end graphics cards [2]. - The company has developed core technologies in thermal management solutions and has been recognized as a national high-tech enterprise and a key electronic supporting enterprise in Chongqing [2]. Group 2: Market Position and Clientele - Yingfan Technology has become a leading manufacturer in the laptop thermal module market, supplying major ODM clients in the 3C industry, including Quanta, Wistron, Compal, and others, with products used in well-known laptop brands like HP, Dell, and Xiaomi [3]. - In the server sector, the company has established strong partnerships with brands such as Inspur, H3C, and Luxshare Precision [3]. Group 3: Strategic Goals and Future Plans - The company aims to become a global leader in electronic product thermal management solutions, focusing on continuous innovation and expansion into new application areas such as servers and switches [5]. - Yingfan Technology is committed to enhancing its R&D capabilities and product performance, aligning with trends in lightweight and intelligent market demands, particularly in AI computing servers and liquid cooling technologies [5]. - The company plans to leverage various financing channels to expand its operational scale and maintain competitiveness in the consumer electronics thermal module market [5].

Core Insights - Modine Manufacturing Company (MOD) and Gentherm Incorporated (THRM) are both involved in thermal management technologies for the automotive sector, with Modine also serving other markets such as HVAC and construction equipment [1][2] - The analysis aims to compare the fundamentals of both companies to determine which is better positioned to meet investor expectations amid tariff-related uncertainties [2] Modine Manufacturing Company (MOD) - Modine has consistently exceeded earnings expectations for the last four quarters, reporting net sales of $682.8 million in Q1 fiscal 2026, a 3% increase from $661.5 million the previous year, driven by strong performance in the Climate Solutions segment [3][9] - The company anticipates a significant volume ramp-up in the second half of the year, projecting full-year fiscal 2026 net sales growth of 10-15% year over year and adjusted EBITDA growth of 12-20% [3][21] - Modine has implemented the 80/20 principle, leading to transformative operational and financial improvements during fiscal 2025 [4] - Recent acquisitions, including AbsolutAire, L.B. White, and Climate by Design International, are aimed at addressing thermal management challenges and expanding into high-growth adjacent markets [5] - Modine announced a $100 million investment over 12-18 months to enhance U.S. manufacturing of data center cooling products, expecting data center revenues to approach $2 billion by fiscal 2028 [6] - The company boasts a high return on equity (ROE) of 24%, significantly above the industry average of 7.2%, indicating strong profitability relative to shareholder equity [7] Gentherm Incorporated (THRM) - Gentherm reported stable revenues of $375 million in Q2 2025, with a 3.8% year-over-year growth in Automotive Climate and Comfort Solutions, outperforming S&P Global's light vehicle production report by 10 basis points [8][11] - The company secured $620 million in new automotive business awards in Q2, raising its 2025 revenue outlook to between $1.43 billion and $1.5 billion [11] - Gentherm is focusing on narrowing the gap in Asia, with 70% of year-to-date awards going to domestic OEMs in China, compared to 50% in the previous two years [10] - The company is diversifying into the medical sector, enhancing its European distribution through a partnership with DUOMED [12] - However, tariffs have posed a challenge, resulting in a narrowed EBITDA margin guidance range of 11.7-12.5% [13] - Gentherm's ROE stands at 9.9%, which, while respectable, is lower than Modine's [13][22] Price Performance and Valuation - Year-to-date, Modine shares have increased by approximately 31.5%, while Gentherm's stock has decreased by 11% [14] - Modine is trading at a forward sales multiple of 2.62X, close to its five-year mean of 2.72X, whereas Gentherm's forward sales multiple is at 0.73X, significantly below its median of 2.85X [16] Earnings Estimates - The Zacks Consensus Estimate for Modine's fiscal 2026 EPS indicates a year-over-year growth of 14.3%, with estimates trending upward [18] - Conversely, the Zacks Consensus Estimate for Gentherm's 2025 EPS suggests a year-over-year decline of 4.3%, although estimates have also been trending upward [19] Conclusion - Modine is positioned for solid top-line growth with projected double-digit revenue and EBITDA gains for fiscal 2026, supported by strategic acquisitions and investments [21] - Gentherm shows resilience with steady revenues and strong automotive business wins, but its lower ROE and margin pressures from tariffs present challenges [22] - Overall, Modine's stronger financial performance and clearer growth strategy make it a more attractive investment option compared to Gentherm [23]

Group 1 - The company, Shenling Environment (301018.SZ), is engaged in research on various cooling plate technologies, including water-cooled plates, microchannel cold plates, and heat pipe phase change cold plates [1] - The company anticipates that as chip thermal density increases, there will be more opportunities for gradual commercialization in the future [1]

Core Viewpoint - Suzhou Tianmai (301626.SZ) is currently not conducting targeted research and development specifically for the robotics sector, but it has existing heat management products that could be applied in robotic scenarios, although actual applications are limited [1] Group 1: Company Position - The company has accumulated years of technology expertise in the heat management field, which allows for potential applications in robotics [1] - Current applications of the company's products in humanoid and industrial robots are minimal [1] Group 2: Future Strategy - The company is continuously monitoring technological trends and market demands in the robotics field [1] - Future research and development strategies will be adjusted flexibly based on industry development trends [1]

Group 1 - The core viewpoint of the articles highlights that Huazhi Jie has been awarded the "2025 Yunfan Cup Best Liquid Cooling Pump Supplier Award" at the 2025 China Third Data Center & AI Liquid Cooling Industry Chain Innovation Summit [1] - The company focuses on lithium battery power management, intelligent control, and brushless motor drive and control technologies, and has developed core components such as electronic water pumps and brushless motors [1] - Huazhi Jie has a professional and stable R&D team with extensive experience, aiming to tackle technological challenges and develop products aligned with industry trends [1] Group 2 - The demand for higher power density in data center server cabinets, driven by AI, is leading to a shift from traditional air cooling to liquid cooling technology due to its superior heat dissipation efficiency [2] - IDC projects that the Chinese liquid cooling server market will experience a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, with the market size expected to exceed $16.2 billion by 2029 [2] - The company plans to continue expanding its product application areas and enhancing its technological capabilities to support the high-quality development of downstream sectors such as data centers, liquid cooling servers, and new energy vehicles [2]

Business Strategy - Boyd is considering selling its thermal management solutions business [1] Market Trends - Rising demand for air-cooling systems in data centers is observed [1]